Oil prices fall as Trump, Iran say Strait of Hormuz is ‘fully open’
The Strait of Hormuz is fully opened, Iranian officials and President Donald Trump said Friday, sending oil prices down.
Iran closed the strait near the beginning of Operation Epic Fury on Feb. 28, leading to the halt of commercial shipping traffic, including oil shipments, which sent gas prices up significantly.
The Islamic Republic of Iran announced the reopening of the strait, crediting the ceasefire in Lebanon with Israel.
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route already announced by Ports and Maritime Organization of the Islamic Rep. of Iran,” according to a statement from Iran.
Trump confirmed the reopening of the waterway connecting the Persian Gulf and the Gulf of Oman.
“Iran has just announced that the Strait of Iran is fully open and ready for full passage,” Trump posted on Truth Social.
After the announcement of the reopening Friday morning, crude oil dropped over 10%, to just over $81 a barrel. Oil had reached its highest on April 6 at $112 per barrel.
The announcement comes as the clock is ticking for the ceasefire between the U.S. and Iran, and as Trump maintains the two countries are close to a deal, underscoring that Iran must commit to not producing nuclear weapons.
The president indicated that talks in Pakistan may resume over the weekend after Vice President JD Vance failed to produce a deal last weekend. The White House has yet to announce a second round of talks; however, Trump has said he has been in direct contact with Iranian officials.
On Monday, Trump announced a total blockade of Iranian ports in an effort to squeeze the regime economically.
In a second Truth Social post Friday morning, the president confirmed the naval blockade on Iran remains in effect “until such time as our transaction with Iran is 100% complete.”
Trump added, “the process should go very quickly in that most of the points are already negotiated” in relation to reaching a final deal with the Islamic Republic.
Sunny
Latest News Stories
WATCH: Los Angeles area robotics team starts 25th season
Miller: Illinois ‘dragging its feet’ on voter rolls as election nears
Illinois Quick Hits: Pritzker wants to extend pension buyout program
Meeting Summary and Briefs: Litchfield CUSD #12 for January 20, 2026
Dems fail in first try to use ‘state sovereignty’ to ‘veto’ ICE
Illinois Quick Hits: McIntyre back as inspector general for DCFS
Lawmakers discuss budget, spending, tax credits as Illinois Senate returns
IL lawmakers push discount drug legislation to prevent restricted access
Dudley Smith Farm Winter Meeting to Focus on Cattle Markets and Soil Health
Chicago downtown office space vacancy rate ends year at record high levels
Ex-Illinois candidate sides with Vance after Duckworth–Rubio clash
Illinois Quick Hits: Judge rules Cook County misspent $243M
